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Municipal Securities Disclosure Policy & Procedures <br />Page 2 <br />June 21, 2016 <br />• By a specified date, if available, audited annual financial statements for each Obligated Person <br />( "Audited Financial Statements" and together with the Annual Information Filing, the "Annual Report ") <br />and, if not available by the date required, unaudited financial statements with Audited Financial <br />Statements; <br />• In a timely manner within 10 business days of occurrence, notice of the occurrence of one or more of <br />the listed events described in the Rule (a "Rule 15c2 -12 Event Notice "); and <br />• In a timely manner, notice of a failure of any Obligated Person required to make the Annual <br />Information Filing and /or file the Audited Financial Statements on or before the date(s) specified in <br />the Continuing Disclosure Undertaking ( "Notice of Failure "). <br />DISCLOSURE COMMITTEE <br />The Disclosure Committee ( "Committee ") shall be responsible for the general oversight of the disclosure <br />process, which includes: <br />A. Initial Offering Disclosure <br />• Participating in due diligence activities <br />• Reviewing each disclosure document <br />• Identifying subject matter reviewers ( "Subject Matter Reviewers ") <br />• Approving draft preliminary official statement before it is submitted to the City Council or such <br />other legislative body of the respective Santa Ana Issuer <br />B. Continuing Disclosure <br />• Periodically reviewing the Policy <br />• Periodically reviewing compliance difficulties and recommending changes <br />• Waiving procedures when appropriate <br />The composition of the Committee shall include, but not limited to the following: <br />• Executive Director of Finance <br />• Assistant Director of Finance <br />• Supervising Accountant <br />• Disclosure Coordinator <br />• Representative from the City Attorney's Office (CAO) <br />55C -44 <br />